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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.30%), DAX30 (0.36%), CAC40 +0.02%

Sep 07 ,2023

  • Synopsis

    • European equity markets are set to open mostly lower amidst weaker session in Asia as China, Australia and Korean equities underperform. S&P 500 futures also lower after big tech weighed on US indexes overnight. Bond markets mixed with Treasury yields reversing lower while Australian yield curve bear flattening. FX markets steady as dollar index trades near six-month high. Crude peeling back from 10-month high while China iron ore futures under pressure.

    • On the agenda for today, ECB's Elderson in conversation at 10:30CET at NGFS Conceptual Framework (livestream) on nature-related financial risks. Latvia Central Bank's Kaz�?ks participates in a conf "Public debt dynamics: the search for the optimal levels" organised by the Ministry of Finance. Belgium Central Bank hosts event 'A Digital Euro for the Digital Era' speakers include bank's Wunsch 9:00CET, Austria Central Bank's Holzmann 9:10. The BoE will publish its monthly Decision Maker Panel (DMP), which is a survey of CFOs from small, medium and large UK businesses. In Germany, ifo publishes its latest economic forecasts at 11:00CET, the same time as a similar release by RWI. Spain's PM Costa hosts EU's Šef�?ovi�?.

    • On the macro calendar for today, of note, UK Aug house price index - Halifax at 7:00 BST; France Jul Trade balance is due at 7:45 BST, followed by Italy Jul retail sales at 9:00 BST and Eurozone Q2 GDP (3rd est) at 10:00 BST.

  • Macro

    • European parliament faces tight vote on corruption reforms - FT

    • European Investment Bank must take more risk, says Vestager - FT

    • Bank of England is 'much nearer' to peak interest rates, Bailey says - Reuters

    • British parliament approves disputed Northern Ireland amnesty bill - Reuters

    • Europe gas storage is now key for global prices, Trafigura Group says - Bloomberg

    • Switzerland Aug Unemployment Rate (sa) 2.1% vs consensus 2.1% and prior 2.1%

  • Top company news

    • Earnings/updates

      • TOD.IM (Tod's) -- H1 net income €30.9M vs FactSet €20.6M [6 est, €13.7-28M]

      • SCR.FP (SCOR) -- launches new strategic plan "Forward 2026": Economic Value growth rate of 9% pa and solvency ratio in the optimal 185%-220% range

      • SANN.SW (Santhera Pharmaceuticals Holding) -- H1 net income (CHF23.3M) vs year-ago (CHF29.7M)

      • BOI.FP (Boiron) -- H1 net income €15.5M, +24% vs year-ago €12.5M

      • CRI.FP (Chargeurs) -- H1 net income attributable €3.3M vs year-ago €10.2M

      • VVY.NA (Vivoryon Therapeutics) -- H1 EPS (€0.44) vs year-ago (€0.60)

      • BIOS.BB (BioSenic) -- H1 net income (€21.1M) vs year-ago (€0.5M)

    • M&A

      • SKG.LN (Smurfit Kappa), WRK (WestRock) -- confirm discussions regarding potential combination; parties in mutual due diligence

      • DLG.LN (Direct Line Insurance Group) -- Intact Financial (IFC.CN) and RSA to acquire Direct Line Insurance Group's brokered Commercial Lines operations for initial cash consideration of £520M (C$884M)

      • REP.SM (Repsol) -- Peyto Exploration & Development (PEY.SN) has entered into a partnership interest purchase agreement to acquire Repsol Canada Energy Partnership for cash consideration of $468M (C$636M)

      • GBF.GR (Bilfinger) -- Fluor (FLR) to sell Stork European business to Bilfinger; terms undisclosed

      • NESN.SW (Nestle) -- confirms acquisition of majority stake in Grupo CRM (terms undisclosed)

      • MMB.FP (Lagardere) -- Lagardère Travel Retail of an agreement for the acquisition of Tastes on the Fly, a well-known North American Foodservice operator

      • ICP.LN (Intermediate Capital Group) -- to invest €400M in renewable energy company Enfinity Global

      • NXI.FP (Nexity) -- announces disposal of its development activities in Portugal

      • BRAV.SS (Bravida Holding) -- acquires Lämpö- ja Wesijohtoliike P. Juutilainen Oy, terms undisclosed

      • Drahi's Altice reportedly in advanced talks to sell portfolio of 92 France data centers to Morgan Stanley Infrastructure Partners (MS) -- Les Echos

    • Healthcare

      • VLA.FP (Valneva) -- and Pfizer Report Positive Pediatric and Adolescent Phase 2 Booster Results for Lyme Disease Vaccine Candidate

      • MAAT.FP (Maat Pharma) -- EMA grants orphan drug designation to Maat Pharma's MaaT033 in allo-HSCT

    • Other

      • LSEG.LN (London Stock Exchange Group) -- Consortium announces intention to sell 43.1M shares in London Stock Exchange Group by way of a placing

      • TKA.GR (ThyssenKrupp) -- provides update regarding CFO Klaus Keysberg's contract

      • ELI.BB (Elia Group) -- CEO Chris Peeters to step down, effective 30-Oct-23; appoints CFO Catherine Vandenborre as CEO ad interim

      • ECV.GR (Encavis AG) -- reaches ready-to-build (RTB) status for a further solar park in Denmark with a generation capacity of 132MW

  • Key rating changes

    • Upgrades

      • KEMIRA.FH (Kemira) -- to buy from hold at Kepler Cheuvreux

      • CTEC.LN (ConvaTec Group) -- to outperform from sector perform at RBC Capital Markets

      • MTX.GR (MTU Aero Engines) -- to buy from hold at Kepler Cheuvreux

      • NIBE.B.SS (NIBE Industrier) -- to buy from hold at Carnegie Securities

      • SOBI.SS (Swedish Orphan Biovitrum) -- short-term recommendation upgraded to buy from hold at Handelsbanken

    • Downgrades

      • HEM.SS (Hemnet Group) -- to underperform from hold at Jefferies

      • MAERSK.B.DC (Maersk) -- to reduce from buy at Kepler Cheuvreux

    • Initiations

      • PNN.LN (Pennon Group) -- hold at Kepler Cheuvreux

      • UU.LN (United Utilities Group) -- buy at Kepler Cheuvreux

      • COLO.B.DC (Coloplast) -- sector perform at RBC Capital Markets

      • RWI.LN (Renewi) -- buy at Panmure Gordon

  • Data

    • Nikkei (0.54%) to 33059.98

    • Hang Seng (1.10%) to 18247.23

    • Shanghai Composite (0.84%) to 3131.63

    • S&P futures (9.3) vs prior close of 4471.5

    • €-$ (0.0007) or (0.07%) to 1.0719

    • $-¥ (0.08) or (0.06%) to 147.57

    • €-¥ (0.21) or (0.13%) to 158.17

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
Please refer to "Terms Of Use".

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